More on this topic
How to Run an Auto Transport Business

How to Run an Auto Transport Business

What Do I Need to Start a Towing Business?

What Do I Need to Start a Towing Business?

How to Find a Used Truck

How to Find a Used Truck

Auto Financing Facts

Auto Financing Facts

History of Bergstrom Auto

History of Bergstrom Auto

Co-Signing on a Used Car

Co-Signing on a Used Car Video

Used Car Pricing Basics

Used Car Pricing Basics Video

Home » Categories » Transportation » Autos » Car buying & selling » Auto financing
Auto and truck financing
 
Question:
Avatar

If I owe more on a car than it's worth, can I sell it and take a loan out on the difference (loss) between what the car is worth and what I owe?

By Anonymous Asked May 24 2007 3:49PM
0
Pts
 
 
Rate Question
Answer Question Help someone!
Get the latest questions in Auto and truck financing 		flag
 

Welcome to Answerbag, a community of people sharing what they know.
Sign up now to ask a question or help someone else by giving an answer!

signup now
Sort answers by: Rating | DateArrow Down
 

Answer 1 out of 2

by katiecakes on Jul 12, 2007 at 6:56 pm Permalink

Avatar
if you can get approved for a private loan (HIGH interest rate) then yes you can get a loan to cover the difference. BUT since the bank has the title, it's not really YOUR car. To get that title, and transfer it to the new owner, the first loan will need to be paid off in full. some dealerships will offer to pay off the difference, but its the difference between trade in value and loan balance. and you'll have to buy a car from them. they'll put that difference on the new car loan and then you'll be even more upside down with value of car versus how much it's worth. im in the same fix...
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 2 out of 2

by .avallach on May 24, 2007 at 4:25 pm Permalink

Avatar
I dont get it...if you still owe on it, you already have a loan. When you sell it you send that money to the people you have the loan through and then you only owe what's left. Right?
0
Pts
 
 
Rate Answer
 
flag
Comments
Avatar Anonymous May, 25 2007 at 03:28 PM
Yes, if I sell it for what it's worth, I will still owe the difference between what it's worth and what I owe. Would a typical dealership buy the car from me and arrange to finance the difference?
Avatar .avallach May, 25 2007 at 03:32 PM
Why would you need to? Just continue paying on the loan you already have.
Avatar Anonymous May, 25 2007 at 03:46 PM
To make a long story short, I'm a victim of fraud. I can't afford the car. I don't want the car. But the loan is in my name. So I want to sell it and finance the difference between what it's worth and what I owe.


Add an Answer

If I owe more on a car than it's worth, can I sell it and take a loan out on the difference (loss) between what the car is worth and what I owe?

How to write a good answer
Your answer:

Display answer in fixed-width font (good for tables or text diagrams)

Answers must adhere to our Terms of Use

To create links, just type the address with no HTML code. Use the Preview button at the bottom to verify.

You can edit your answer at any time.

Add Video Add Iimage


Important: Answerbag cannot guarantee the accuracy of answers submitted by members, and we recommend that you use common sense when following any advice found here. Read full disclaimer.